Rumours of Cryptologic sale during 2011

31 Mar 2011

Online gaming software provider, Cryptologic, represent one of the most well-known and trusted names in the entire of the gaming industry; needless to say that there has been quite stir caused by the news of a possible sale of Cryptologic during the course of 2011...

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There has been much speculation about the future of Cryptologic over the last year, however, the speculation has reached fever-pitch in recent months with the issue of a statement from the company – it seems that Cryptologic have approached analysts Deloitte to perform a full strategic review of the current state of their business.

In addition to the statement, Cryptologic have also issued a press-release in order to explain their position and give an insight into the conditions which have led to their latest decision. It reads: "This review is at an early stage and will consider a number of strategic options, including the possibility of an offer being made for the Company or a disposal of part of the business. The board wishes to stress that there can be no certainty that any offer will be forthcoming."

For many industry insiders, the news of the company's latest decision will not come as a total surprise, due to the fact that Cryptologic have been known to have been stood on troubled financial ground for some time. This financial uncertainty culminated in eight-figure net losses during 2010, which led to the resignation of the then chief executive Brian Hadfield. Major restructuring was promised by the company's new CEO David Gavagan; this led to some tough decisions being made at Cryptologic, a massive 50% of the workforce reduced, as well relocations from the United Kingdom and Cyprus to Malta.

Rivals will certainly be watching the outcome of the developing situation with great interest, in what could be one of the gaming industry's biggest ever company casualties...